Transformer Oil Market Size Is Expected To Reach USD 6.1 Billion By 2030Posted by Neha Bora on August 30th, 2023 San Francisco, 30 Aug 2023: The Report Transformer Oil Market Size, Share & Trends Analysis Report By Product (Mineral-based, Silicone-based), By Rating, By End-use (Utilities, Industrial), By Region, And Segment Forecasts, 2023 - 2030 The global transformer oil market size is expected to reach USD 6.1 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.1% from 2023 to 2030. The growth is driven by the high utilization of transformer oil in the power generation sector along with an increase in demand for electric grids in emerging economies. The product is used to insulate high-voltage electrical transformers. It is developed to operate at very high temperatures. Transformer oil surrounds the windings and the core of transformers to prevent their wiring and cellulose-based insulation from corroding and oxidizing. Recent market expansion is driven by technological development and rising R&D activities by key industry players. For instance, Cargill received an award from the U.S. Environmental Protection Agency, for developing transformer oil through natural esters. Market players are also focusing on manufacturing bio-based products to dominate the market. Crude oil is the major raw material utilized for manufacturing transformer oil. Key industry participants involved in the production of this raw material are Saudi Aramco, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Shell Plc., and others. Some of the leading market players such as Exxon Mobil Corporation, China Petroleum & Chemical Corporation, and others are integrated across the value chain to produce crude oil, base oil, and transformer oil which increases their profitability margin. Access Research Report of Transformer Oil Market @ https://www.grandviewresearch.com/industry-analysis/transformer-oil-market Transformer Oil Market Report Highlights
Transformer Oil Market Report Scope
List of Key Players in the Transformer Oil Market
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